WARNING – It’s Tough Being an Entrepreneur

If you are dreaming of being your own boss, there are many significant benefits of striking out on your own. However, before you leave your current job to become an entrepreneur, it is important to take a realistic look at what it means to go it alone. Below are a few questions you should ask yourself:

• Am I ready to be on my own? Many owners of start-up companies do not realize how lonely it can be when they first start their business. You do not have a department to handle the company’s accounting, IT or administrative tasks. In the beginning, you will be performing ALL of these tasks. While that can feel overwhelming, you can also feel isolated from others. Thus, you may want to consider whether or not you want to find a business partner (or first employee). Sometimes having somebody to bounce ideas off of, vent to, or just there to help get things done can be a huge help.
• Can I “sell” myself? Although your business idea may be brilliant, it is important to understand that people will be investing in you too. Whether you are trying to attract new hires that may be reluctant to work for a start-up or you are seeking investors, you must be prepared to market yourself and your brand.
• Am I prepared to work HARD? We all dream of sitting on the beach while our business earns us millions, but this is rarely how your start-up business begins. Years and years of blood, sweat and tears usually precede the dream. You must be honest with yourself on whether you are ready to make the necessary sacrifices to start a new business. Do you have the patience, persistence and resiliency needed to be a success?
• Can I get financing? Having a healthy cash flow is essential for any new business. Whether you obtain a loan, have investors or you’re relying on your savings, you must determine how long you can survive before your business must be profitable. You must also be willing to chase after the payments that are owed to your business, even if it makes you uncomfortable.

If you believe you are ready to become an entrepreneur, we are here to help. Let us help answer your questions and provide you with the advice and guidance you need. Nielsen Law Group has offices in Chandler, Tempe, Gilbert, AZ and Redlands, CA. Our attorneys and professional staff combine their in-depth knowledge of the law with practical and efficient strategies to determine the most effective approach to each client’s unique situation. Contact us today.